Chart Idea – AXIS BANK
Technical Analysis:– From technical perspective, we can see that Axis Bank formed an evening star candlestick pattern on the weekly chart in the uptrend which is a great reversal signal as per the technical analysis. It has been posted and bears are getting a positive reaction from their leading indicator stochastic RSI bearish divergence which indicates selling pressure in it. The stock has its support at 614—565 and resistance at 790—822 levels.
Based on the weekly chart and study, investors can go for selling around 725 for the downside target of 614—565. Maintain stop loss above 790 on a closing basis.
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